Trump hype helps Solana flip Ethereum in monthly revenue for the first time

For the first time, Solana posted better monthly revenue stats than Ethereum. SOL, currently trading at $230, generated a revenue of over $116 million in the past month, compared to Ethereum’s $107 million earnings. 

Solana generated a revenue of about $59 million in December 2024, which translates to approximately a 96% increase over the month. The surge in earnings is primarily due to recent market dynamics, including increased DeFi activities and the influence of President Donald Trump launching his memecoin on the chain. 

While Solana is experiencing an increase in revenue, Ethereum saw a whopping 39% decrease. The network has also grown exponentially since January 2024, when it only earned about $6 million while Ethereum brought in about $179.6 million in the same period. 

Solana’s 2025 has been off to a bullish start

Solana, known for its high performance and speed in executing transactions has seen significant growth compared to its competitors and is one of the best-performing cryptos of the current cycle all thanks to the massive growth in its DeFi sector, which has attracted a lot of attention, including that of US President Donald Trump. 

On Friday, January 17, 2025 Donald Trump launched the $Trump memecoin on the Solana blockchain on the weekend before his inauguration. Before then, the network had already positioned itself as a hub for memecoin activity. The $Trump coin was launched under $10, but it quickly rose by over 300% to rally to its peak value of $72 per token and an unprecedented $15 billion in market cap. 

The $ Melania token launch also helped boost network activity even though it drained some of the value locked into the $Trump meme as investors reverted funds into the second memecoin launched by the Trump family. 

The success of the $Trump meme leveraged the goodwill from Trump’s campaign, where he gradually established himself as a pro-crypto candidate. On the day $Trump launched, SOL’s price shot up by over 19%, driving the price to $295.3 as the memecoin also drove an influx of new users.

$Trump currently trades at $24, down significantly from its $75 all-time high. However, the coin is still trading at over 500% from launch with over $2 billion in daily volume. 

There was an unprecedented 70% increase in stablecoin supply as new users and money flowed into the Solana blockchain because of the $Trump launch. It is now the third-largest blockchain in terms of stablecoin liquidity. 

Bitcoin also benefited from the Trump hype, hitting an ATH of $109,071 following his inauguration. 

Pump.fun outperforms Solana and Ethereum

Complementing the effect of the $Trump launch on Solana is Pump.fun, the largest platform for launching memecoins. Platforms like Pump.fun have also been instrumental to the network’s meteoric rise during this cycle. On-chain analytics show that Pump.fun hit an all-time revenue of over $493 million ; on January 30, 2025, it recorded a trading volume of about $295 million.

Following the successful launch of $Trump, over 6,000 tokens named “Trump” were launched on Pump.fun. 

In the past 30 days, Pump.fun has generated $116.72 million in revenue, beating Solana’s revenue over the same period by over $260,000. The frenzy of Trump launches on Pump.fun led to a record $3.3 billion trading volume. 

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